NZ Super Fund invests US$65m in recycling tech firm, boosting exposure to high growth assets
By Sophie Boot
May 11 (BusinessDesk) - The New Zealand Super Fund has invested US$65 million in Rubicon Global, an Atlanta-based waste
and recycling technology company, to increase its exposure to small, fast-growing private companies.
Acting chief investment officer Mark Fennell said Rubicon was "an attractive opportunity for the fund to increase its
exposure to expansion capital", with the firm yet to run an initial public offering. Around 2 percent of the Super Fund
is in expansion capital, including fuel cell manufacturer Bloom Energy, dynamic glass manufacturer View Inc, and
waste-to-energy company LanzaTech.
"As a long-term investor, the NZ Super Fund is able to invest in high growth companies with a view to realising
long-term potential," Fennell said. "These expansion capital investments are an important part of our investment mix
because they can help drive long-run returns."
Fennell said the investment aligns with the fund's strategy to invest in companies which can benefit from the global
transition to a low-carbon economy, and Rubicon complements its climate change investment risk strategy.
Earlier this year, former chief executive Adrian Orr told parliament's finance and expenditure select committee that the
fund had divested close to $1 billion of assets from carbon to non-carbon companies, as it believes the emission is
currently underpriced and represents a risk for the future.
Rubicon's technology platform helps companies cut spending and increase recycling, supporting an increased appetite for
sustainability.
In a separate statement today, Rubicon said it had partnered with Atlanta university Georgia Tech to develop an
exoskeleton aimed at improving health of rubbish collectors.
(BusinessDesk)
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